With the third quarter signed, sealed and in the books 2015 is shaping up to be a near mirror image of 2014 in residential real estate here in Kelowna. Through the first nine months, the average sale price for residential homes has been $546,000 which is identical to this time last year. Those of us in the real estate industry prefer stability, at least I do, because it tends to take panic buying or selling out of the market.
In terms of unit sales, there have been 2,444 residential sales so far this year compared to 2,248 this time last year. Remember, last year was a good year also and unless something unusual happens it looks like 2015 will be stronger once everything is all added up. As a benchmark, 200 residential sales per month in our marketplace is considered good, and we’ve already surpassed that total.
Condominium apartments are seeing increases this year. The average sold price year to date is $262,000 compared to $251,000 this time last year. A 4.5% increase might not seem like a lot, but it’s been a sluggish decade for condo owners considering the average sale price in 2006 was $236,000. 2015 has been a reasonably good year for condo owners. The number of unit sales has increased from 780 last year to 878 this year, so things are certainly heading in the right direction as we approach the Fall market.
As far as inventory goes, there are 1,455 residential homes for sale now. It won’t come as a surprise to you if you’ve driven around town, especially in the higher end neighbourhoods, that a significant amount of these homes are expensive and out of most people’s price range. There are 510 homes priced over $800,000 and 499 homes priced under $500,000. Overall we’re in a balanced market with high-end purchasers having a lot more options available to them while sellers are more in the drivers seat in the lower price ranges.
Call me for a market update in your neighbourhood or to find out your home value go to www.get housevalues.ca